Pick one answer: In the process of replacing Mr. Cowan's intake manifold gasket, Pete found that he had run out of gasket sealant. He ordered a six-ounce tube of gasket sealant from the parts store and used one ounce on the intake manifold gasket repair. What type of expense is the gasket sealant? Direct expense Indirect expense Fixed expense Overhead expense

Pick one answer: In the process of replacing Mr. Cowan's intake manifold gasket, Pete found that he had run out of gasket sealant. He ordered a six-ounce tube of gasket sealant from the parts store and used one ounce on the intake manifold gasket repair. What type of expense is the gasket sealant? Direct expense Indirect expense Fixed expense Overhead expense

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter14: Property Transact Ions: Capital Gains And Losses, § 1231, And Recapture Provisions

Section: Chapter Questions

Problem 17DQ

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In the process of replacing Mr. Cowan's intake manifold gasket, Pete found that he had run out of gasket sealant. He ordered a six-ounce tube of gasket sealant from the parts store and used one ounce on the intake manifold gasket repair. What type of expense is the gasket sealant? In the process of replacing Mr. Cowan's intake manifold gasket, Pete found that he had run out of gasket sealant. He ordered a six-ounce tube of gasket sealant from the parts store and used one ounce on the intake manifold gasket repair. What type of expense is the gasket sealant? Direct expense Indirect expense Fixed expense Overhead expense
Pick one answer: Brian is trying to analyze his income and expenses for the past week. He comes across an invoice from the local parts store for a circuit board for a Carrier furnace. He knows he needed the part to fix Mrs. Crow's furnace last week. What type of an expense is the circuit board? Indirect expense Direct Expense Fixed expense Overhead expense
Brian is trying to analyze his income and expenses for the past week. He comes across an invoice from the local parts store for a circuit board for a Carrier furnace. He knows he needed the part to fix Mrs. Crow's furnace last week. What type of an expense is the circuit board? Indirect expense Direct Expense Fixed expense Overhead expense
Pick one answer: During the repair of a robotic unit, a technician used 4 gallons of hydraulic fluid. The hydraulic fluid comes in 5 gallon containers. Answer the following question: What type of expense is the 5 gallon container of hydraulic fluid? Fixed expense Direct expense Indirect expense Overhead expense
During the repair of a robotic unit, a technician used 4 gallons of hydraulic fluid. The hydraulic fluid comes in 5 gallon containers. Answer the following question: What type of expense is the 5 gallon container of hydraulic fluid? Fixed expense Direct expense Indirect expense Overhead expense
After experiencing an equipment breakdown loss, Long Industries incurred various expenses. In Long's Equipment Breakdown Protection Coverage Form, expediting expenses include which one of the following? The cost for Long to rent another building in order to continue operations The costs of overnight shipping for Long to obtain a machine part The cost for Long to rent computer equipment Long's loss of net income
Paid $132 for dryer repairs. What would be the best description and correct source document?
Adama Company incurred the following costs.Indicate to which account Adama would debit each of the costs. 1. Sales tax on factory machinery purchased $5,000 Select the account to be debited Prepaid InsuranceLand ImprovementsLandEquipmentBuilding 2. Painting of and lettering on truck immediately upon purchase 700 Select the account to be debited EquipmentPrepaid InsuranceLandLand ImprovementsBuilding 3. Installation and testing of factory machinery 2,000 Select the account to be debited BuildingLandLand ImprovementsPrepaid InsuranceEquipment 4. Real estate broker’s commission on land purchased 3,500 Select the account to be debited BuildingPrepaid InsuranceLand ImprovementsEquipmentLand 5. Insurance premium paid…
Adama Company incurred the following costs.Indicate to which account Adama would debit each of the costs. 1. Sales tax on factory machinery purchased $ 5,000 Select the account to be debited Land ImprovementsLandPrepaid InsuranceBuildingEquipment 2. Painting of and lettering on truck immediately upon purchase 700 Select the account to be debited Prepaid InsuranceBuildingLand ImprovementsLandEquipment 3. Installation and testing of factory machinery 2,000 Select the account to be debited Prepaid InsuranceBuildingLandEquipmentLand Improvements 4. Real estate broker’s commission on land purchased 3,500 Select the account to be debited Prepaid InsuranceBuildingLandEquipmentLand Improvements 5. Insurance premium paid for first year’s insurance on new truck 880 Select the account to be debited EquipmentPrepaid InsuranceLand ImprovementsBuildingLand 6. Cost of landscaping on property purchased 7,200 Select the…
Kegler Bowling installs automatic scorekeeping equipment with an invoice cost of $155,00O. The electrical work required for the installation costs $16,275. Additional costs are $3,255 for delivery and $11,170 for sales tax. During the installation, a component of the equipment is carelessly left on a lane and hit by the automatic lane-cleaning machine. The cost of repairing the component is $1,505. What is the total recorded cost of the automatic scorekeeping equipment? Included/ Excluded Total cost DR Machinery DR Expense Invoice cost 155,000 Electrical work required for installation 16,275 Delivery costs 3,255 Sales tax 11,170 Repair costs 1,505 Total 2$ 187,205
vich previous attempt Also, $200 of labour costs were incurred in calibrating (adjusting) the machine so that it would be at the right height on the ice. These adjustments were normal and were not a result of the damage. Special insurance was needed for the new ice cleaning machine, which will cost $200 per month for the next year. Prepare a calculation to show the cost of this machine for accounting purposes. (Negative answer should be indicated by a minus sign.) Invoice cost Freight costs Steel mounting Labour costs for calibration Repairs cost Less discount Total acquisition costs 17.000 340 875 200 270 (340) $ 18,345
DETL Corp. made an ordinary repair to a delivery truck with a remaining useful life of three years at a cost of $200. DETL's accountant debited the asset account, Equipment. Was this treatment an error, and if so, what will be the effect on DETL's financial statements?